6. The Federal Reserve is now buying nearly all (90 percent-plus) of the United States' newly issued debt in order to keep interest rates artificially low. In other words, the federal government is essentially loaning itself money by printing what it needs.

5. Again, according to Wharton, "Rising rates would cause severe problems for the U.S. government. The bulk of Treasury bonds in circulation have maturities of less than five years, which will require existing debt to be refinanced with new debt at higher interest rates. That will increase the government's debt-service costs."

4. Even under a best case scenario -- one in which interest rates gently rise to historically normative levels -- the U.S. will be forced to pay $5 trillion in interest payments alone over the next decade. Under other scenarios, the federal government would simply have to default on its obligations.

3. A recent conference of experts explored the ramifications of a federal default. In short:

Trillions of dollars of losses would roar through the world economy like a tsunami, damaging Treasury investors, including governments, corporations, pension and insurance funds, individual investors and people who own mutual funds. Panic would undoubtedly harm other types of investments as well, including stocks and real estate. And if the government wanted to borrow in the future, as it most likely would at some point, it would have to pay much higher yields to attract investors. As higher rates worked through the markets, state and local governments, corporations, homebuyers and other consumers would face higher rates as well.